Qatar Airways announces $69 million revenue loss in 2018
CAIRO – 21 December 2018: Qatar Airways has suffered a $69 million loss this fiscal year, showing the challenges still facing Doha since Arab and Gulf states decided to cut diplomatic ties with the tiny emirate last June for supporting and financing terrorism and having ties with regional foe Iran.
"This turbulent year has inevitably had an impact on our financial results, which reflect the negative effect the illegal blockade has had on our airline," Qatar Airways CEO Akbar al-Baker said in a statement Tuesday.
The Doha-based airline reported revenue of $11.5 billion in 2018. It also adjusted its profit in 2017 to $766 million off revenue of $10.7 billion.
The boycott locked Qatar Airways out of the airspace of Egypt, Saudi Arabia, Bahrain and the United Arab Emirates, forcing the airline to take longer flights consuming more jet fuel, raising expenses.
Demands of the boycotting nations include Qatar limiting diplomatic ties to Iran, shutting down the state-funded Al-Jazeera satellite news network, and cutting ties with all terrorist organizations including the Muslim Brotherhood.